Bangchak and AIT to Develop Bangchak Refinery and Oil Trading Business Roadmap to Net Zero 2050

Bangchak and the Asian Institute of Technology (AIT) to accelerate the development of a roadmap to increase the efficacy of low-carbon and environmentally friendly processes according to Bangchak’s BCP 316 NET plan in order to address its determination towards Net Zero Emissions by 2050, and Carbon Neutrality by 2030.

Chaiwat Kovavisarach, Group Chief Executive Officer and President, Bangchak Corporation Public Company Limited offered his congratulations during the Memorandum of Agreement Signing Ceremony for the Bangchak Refinery and Oil Trading Business Pathway to Net Zero between Bangchak Corporation Public Company Limited, represented by Chokchai Atsawarangsalit, Senior Executive Vice President, Corporate Management and Organization Development, and the Asian Institute of Technology, represented by Prof. Kazuo Yamamoto, AIT President, in order to achieve its Net Zero target by 2050, and Carbon Neutrality by 2030, as well as address the increasingly violent effects of climate change and global warming which has become a global concern.

This cooperation between Bangchak and AIT is part of Bangchak Group’s BCP 316 NET plan the mobilize the green economy towards a low-carbon society by studying approaches to achieving Net Zero greenhouse gas emissions for the refinery and oil trading business through the application of Carbon Capture, Utilization and Storage (CCUS) technology in production processes, as well as utilizing AI innovations to increase operational efficacy etc.

The Bangchak Group’s BCP 316 NET emphasizes tangible and long term results featuring four dimensions, namely B = Breakthrough Performance emphasizing efficiency and process improvements, low-carbon emissions, and environmentally friendliness, C = Conserving Nature and Society supporting ecosystem equilibrium through natural carbon sequestration, P = Proactive Business Growth and Transition transitioning business towards clean energy and the Net Zero target through sustainable technology, increase the proportion of green business, expanding investments that help to reduce greenhouse gas emissions from business operations such as producing and retailing Sustainable Aviation Fuel (SAF) from used cooking oil by BSGF, and NET = Net Zero Ecosystem fostering the creation of an ecosystem to realize the Net Zero target such as BFPL’s fuel transport business, establishing Carbon Markets Club to promote carbon credit trading etc.